LOS ANGELES, Jan. 26, 2018 (GLOBE NEWSWIRE) -- VideoCoin today announced the close of $5 million in initial funding led by Alphabit Fund, Galaxy Investment Partners, Distributed Network Advisors (DNA), and Sovereign. Founded by prolific tech entrepreneur Halsey Minor, the VideoCoin Network is a decentralized video encoding, storage, and content distribution system that turns all cloud-based video services into an efficient algorithmic market running on a new blockchain with a native protocol token, the VideoCoin (VID). With over two billion people per month consuming Internet video, the VideoCoin Network captures unused computing capacity in existing third-party data centers while providing tokenized rewards for users that participate in decentralizing video content processing through the network.
“We are thrilled to have a robust group of blockchain-specific investors that are as enthusiastic about VideoCoin as we are,” said Halsey Minor, CEO of Live Planet, a key strategic investor and partner tasked to scale the VideoCoin Network. “We expect the momentum to continue into our presale as we rapidly add more content creators and members to the VideoCoin community.”
“VideoCoin has all the elements we look for in an investment,” commented Michael Novogratz, Head of Galaxy Investment Partners. “We recognize the immense experience and value Halsey brings as the creator of this new innovation, and are convinced VideoCoin will revolutionize the video streaming industry.”
Addressing the issue of slow transaction speeds for many of today’s public blockchains, VideoCoin’s public blockchain is custom-built for speed and efficient processing of large media files. VideoCoin will hold its public token sale in early 2018. Pre-registrations are available now at www.videocoin.io.
ABOUT VIDEOCOIN
The VideoCoin Network is a decentralized video encoding, storage, and content distribution system that turns all cloud-based video services into an efficient algorithmic market running on a new blockchain with a native protocol token, the VideoCoin (VID), developed by the VideoCoin Development Association Ltd. (Cayman Islands). Powered by a large-scale, distributed cloud video infrastructure, the VideoCoin Network will usher in “the new cloud” by marshaling computing resources from around the world to revolutionize video with blockchain technology. The VideoCoin Network ecosystem will lower costs by deploying unused compute resources, enable a new generation of applications via open APIs and open source-based development, disintermediate media behemoths with peer-to-peer video distribution, and increase privacy with decentralized, end-to-end encryption.
For more information on VideoCoin, visit https://videocoin.io/ or join our Telegram group here.
ABOUT LIVE PLANET
Live Planet, Inc. produces the only end-to-end capture, distribution, and monetization system for immersive video. The LIVE PLANET System makes it easy, practical, and affordable to create and deliver stereoscopic VR and 360° video, whether live or recorded, allowing creators to focus on their productions and applications. Live Planet, Inc. is based in Los Angeles and San Jose, CA.
For more information on Live Planet, Inc., please visit www.LivePlanet.net or contact info@liveplanet.net.
MEDIA CONTACT: Transform Group, videocoin@transform.pr
This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest. VideoCoin tokens and virtual currencies, in general, are not legal tender, in any country, and are not backed by any government as legal tender, nor should they be treated as such.
This announcement does not constitute a prospectus of any sort; it is not a solicitation for investment and does not in any way pertain to an offering of securities in either Singapore or the United States, and Singaporean and United States residents are expressly excluded from contributing in exchange for any VideoCoin tokens in the public contribution period, unless otherwise expressly noted. This release constitutes a description of the VideoCoin Network and the functionality of VideoCoin tokens; it is for informational purposes only and may change as the technology develops over time.